Domain Industry Trends and Future Developments
Domain names are the cornerstone of the digital landscape. They are the gateway to the websites, apps, and services that simplify our lives.
But the internet, in general, is a constantly evolving field. As we delve into the future, key trends and developments are shaping the way individuals, businesses, and organizations interact with and utilize domain names. This article explores 4 domain industry trends that will shape the domain industry.
Domain Industry Trends to Keep an Eye On
1. .Com Remains the Most Popular TLD; geoTLDs Growing in Popularity
TLDs or top-level domains are important for domain names. As per the June 2023 report, .Com continues to be the most popular TLD out there, representing nearly 47.8% of the domains in use. This is despite a 5% drop from June 2022, when .com represented 52.8% of domain TLDs. Thus, they offer tremendous profit opportunities.
The other opportunity lies in geoTLDs, which are growing in popularity. In recent years, the domain industry has witnessed a proliferation of generic top-level domains (gTLDs), expanding beyond the traditional .com, .net, and .org. New gTLDs like .app, .ai, and .blockchain are gaining traction, providing businesses with more specialized and industry-relevant options.
As businesses increasingly target local markets, the demand for geo-specific domains is on the rise. Country-code top-level domains (ccTLDs) and city-specific domains are becoming instrumental in localization strategies.
Statistics indicate that the total number of new gTLD registrations has surpassed 40 million, demonstrating a growing preference for niche-specific domain extensions.
2. Domains Related to Web3 Continue to Grow in Popularity
Web3 is here, and it’s here to stay. This includes blockchain, NFT, AI, ML, Metaverse, among others.
Stats reveal that interest and investment in domains related to web3 is seeing an increase. In the future, domain registrars will move to the blockchain to manage domain names.
Likewise, you’ll see an increase in web3 domain names. The appeal of Web3 domains lies in their fundamental differences from traditional domain registration systems. Traditional domains are subject to central authorities, such as domain registrars and ICANN, while Web3 domains operate on decentralized networks, reducing reliance on intermediaries. Statistics reveal a growing shift in preference, with a 200% year-over-year increase in the registration of blockchain domains, signaling a clear trend toward embracing decentralized alternatives.
AI domain name suggestions are also going to rise in 2024 and beyond. Most suggested domains are likely going to carry more value since AI predicts they will be in demand.
So, as a domain investor, you should follow the development of web3 domain names.
3. More Focus on Transparency and Privacy
As the domain landscape evolves, there will be a need for transparency and privacy. A study in 2022 revealed an increase in domain registration fraud post-pandemic.
To ensure the safety of users, governments will increase their influence. This would mean a changing regulatory landscape. Heightened scrutiny is applied to combat fraud, trademark infringement, and illegal online activities. This shift is reflected in increased compliance requirements for domain registrars and owners. Registrars and domain owners alike need to stay abreast of changing regulations to ensure compliance and mitigate legal risks associated with domain management.
Blockchain is one option to enhance both transparency and privacy. So stay abreast with web3 blockchain development.
4. Domains Optimized for Voice Search Will Benefit More
Voice assistants like Alexa and Google Assistant are taking over the internet and smartphones. People are using these assistants for search.
Although not conclusive, experts predict that voice search will impact domain names. In other words, domain names need to be optimized for voice search. So investors will have to get creative with names like “cash.app” and “carwash.service”.
As a rule of thumb, buying short domain names that are easy to remember and can be branded is wise. With the web3 domain, the creative possibilities are endless.
These four trends will define the future of the domain industry in years to come. As an investor, you should ride the trend ahead of others.